Bitso, a Latin American crypto exchange giant, is partnering with the USD Coin (USDC)stablecoin operator Circle to begin a new cross-border payment tool between the United States and Mexico. According to a statement
by Bitso on Thursday, the primary goal of the integration is to provide the Mexican individuals, an alternative option of sending out and getting payments to or from the U.S. Bitso Offers New Payment Tool The brand-new tool called Bitso Shift will be using cryptocurrency to facilitate quick and low-cost cross-border payments that will be available round the clock. With this, users can exchange their Mexican pesos for the United States dollar (USD)-backed stablecoins in an immediate.
Moreover, this new offering will offer a more economical and an even simpler access to the USD for Mexican locals, thereby increasing the transparency of the country’s USD deals at the same time.
Going by the guideline of the U.S. Department of Commerce’s International Trade Administration, Mexican people who do not hold any accounts are not allowed to deposit more than $300 daily, with a month-to-month limit of $1,500. But account holders can deposit a maximum of $4,000 monthly. According to reports nevertheless, there are currently no regulations relating to the transfer of U.S. dollars into or out of Mexico.
The Payment Process Explained
In the company’s announcement, Bitso says wire transfers to Bitso Shift will be processed within twenty-four to forty-eight hours through fully regulated organizations.
Also speaking about the collaboration, co-founder and CEO of Circle, Jeremy Allaire says this is an incredible chance for Circle and USDC to be part of making cross-border exchanges hitch-free in between the U.S. and Mexico.
Bitso co-founder and CEO Daniel Vogel likewise discussed how the new offering will assist Mexican freelancers and businesses by dealing with some of the significant problems attached to the monetary sector.
Founded in 2014, Bitso has gone on to turn into one of the most significant cryptocurrency platforms in Latin America. With backing from large crypto-based companies like Coinbase and Ripple, the exchange has actually seen its user base practically tripled from simply a million in July 2020 to about 3 million users a year later.
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